7346 Alexander Ave · Hammond, IN 46323

$169,900

2 bd · 1.0 ba · 1,009 sqft · SingleFamily public records · 8 Days on market

Built 1938 6,800 sqft lot Est $200k · 15% under

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.0/30.0
• ARV discount +14.2/15.0
• DSCR +5.3/10.0
• 1% rule +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 2 bedroom all brick ranch home with fireplace in move in condition. Basement with bonus room and cellar. New windows, fresh paint, and central air. All appliances stay including washer & dryer. Oversized garage (29 x 25). Walking distance to Purdue Northwest Calumet Campus and Morton Elementary School. Easy access to 94 and 41. Great home for first time home buyers or great income property.

Key facts

• Brand new roof
• Large kitchen
• Oversized garage

Tags

• LARGE KITCHEN
• ENCLOSED FRONT PORCH
• OVERSIZED GARAGE
• BRAND NEW ROOF
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Off-street parking via driveway; Garage with approximately 2.5 spaces
• Utilities: Public water; Public sewer; Natural gas connected
• Home design: One-story brick home; Built in 1938; Shingle roof
• Construction: Brick construction; Shingle roof; Unfinished basement (foundation present); Year built 1938
• Exterior features: Enclosed front porch; Neighborhood view; No pool

Interior

• Kitchen: Dishwasher; Refrigerator; Gas range; Gas water heater
• Bedrooms: Primary bedroom; Second bedroom
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Living room fireplace; Unfinished basement; No additional listed interior features
• Laundry & utility: Washer/dryer not specified

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (10.9% below list).
• Recommended offer: $151k (10.9% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 5.8% in Hammond — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 70/100 on livability (#143 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A; Watch: health & safety D+, employment D, crime F.
• School City Of Hammond (suburban): math 8% / reading 18% proficiency, ranked #289 of 301 in IN (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Morton Elementary School (math 7% / reading 8%, grade F, #949 of 994 statewide, top 97%, 476 students, 68% FRL); Charles N Scott Middle School (math 5% / reading 15%, grade F, #314 of 330 statewide, top 95%, 738 students, 75% FRL); Morton Senior High School (math 12% / reading 54%, grade F, #290 of 369 statewide, top 79%, 1,609 students, 69% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: 62 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,642 units permitted in Lake County in 2024 (14 in 5+ unit buildings).
• This rent runs 30% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Lake County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $81k; list at $170k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $151,344 (10.9% below list)

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 7.10%
• Cash-on-cash: 2.88%
• DSCR: 1.13
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $199,782
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7411 Marshall Ave	0.10mi	2/1.0	865 (-14%)	2mo	$171,000	$198	70
7007 Marshall Ave	0.49mi	3/1.0 (+1)	1,032 (+2%)	1mo	$209,000	$203	68
7516 Alexander Ave	0.18mi	3/1.0 (+1)	936 (-7%)	12mo	$193,000	$206	64
7112 Schneider Ave	0.46mi	3/1.0 (+1)	980 (-3%)	10mo	$196,000	$200	60
7108 California Ave	0.51mi	3/1.0 (+1)	1,038 (+3%)	10mo	$180,000	$173	58
7142 Wicker Ave	0.46mi	2/1.0	903 (-10%)	5mo	$189,900	$210	57
7527 Alexander Ave	0.21mi	3/1.0 (+1)	900 (-11%)	14mo	$176,900	$197	56
7146 Lindberg Ave	0.31mi	3/1.0 (+1)	1,116 (+11%)	9mo	$160,000	$143	55
7045 Alabama Ave	0.44mi	2/1.0	862 (-15%)	8mo	$150,000	$174	49
6909 Lindberg Ave	0.59mi	3/1.0 (+1)	1,092 (+8%)	8mo	$184,000	$168	47
7134 Parrish Ave	0.69mi	3/1.0 (+1)	864 (-14%)	7mo	$150,000	$174	33
7146 Parrish Ave	0.67mi	3/1.0 (+1)	864 (-14%)	8mo	$211,000	$244	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-20,287
• Equity at exit: $25,333

10-year hold

• IRR: -2.6%
• Equity multiple: 0.82×
• Total profit: $-8,433
• Equity at exit: $14,690

Cash invested: $47,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46323

• Home prices YoY: -18.8%
• Active inventory: 62
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,513 high
• Mortgage (P&I): −$891
• Tax from tax record: −$120 /mo · $1,435/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $114

Break-even live

Break-even rent $1,369

Max offer price $169,900

Occupancy floor 87%

Sensitivity live

Price	-10% $210	-5% $162	+0% $114	+5% $66	+10% $18
Rent	-10% $-5	-5% $54	+0% $114	+5% $174	+10% $234
Rate	-1.0pp $200	-0.5pp $157	base $114	+0.5pp $70	+1.0pp $25

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6949 Alabama Ave Hammond, IN	2.0	1.5	1200	$1,795	$1.50	5d	1	0.56mi
7633 Kentucky Ave Hammond, IN	3.0	1.0	888	$1,595	$1.80	12d	1	0.95mi
3400 Stevens Ct Hammond, IN	1.0	1.0	700	$1,120	$1.60	20d	1	0.98mi
6746 Forestdale Ave Hammond, IN	3.0	1.0	900	$1,860	$2.07	0d	1	0.98mi
2723 E 165th St Unit 3 Hammond, IN	2.0	1.0	800	$1,350	$1.69	8d	1	1.15mi
3605 Orchard Dr Hammond, IN	1.0	1.0	736	$950	$1.29	6d	1	1.16mi
3607 Orchard Dr Hammond, IN	1.0–2.0	1.0	839	$1,539	$1.83	0d	6	1.23mi
3611 167th St Hammond, IN	1.0–2.0	1.0	695	$1,450	$2.09	0d	1	1.47mi

Listing history 6 events

1. 2026-06-07
   statusdays on market $169,900 Pending 8 DOM
2. 2026-06-04
   days on market $169,900 Active 6 DOM
3. 2026-06-03
   days on market $169,900 Active 5 DOM
4. 2026-06-02
   days on market $169,900 Active 4 DOM
5. 2026-06-01
   days on market $169,900 Active 3 DOM
6. 2026-05-31
   days on market $169,900 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,435 · $120/mo
• Projected year-2 tax: $1,440 · $120/mo
• Expected delta: +$5/yr ($0/mo · 0.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,161
• − Mortgage interest: −$9,517
• − Property taxes: −$1,435
• − Insurance: −$850
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − Depreciation: −$4,943
• Taxable loss: −$1,489
• Est. tax savings @ 24.0%: +$357
• After-tax cash flow: $1,729/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: School City Of Hammond
• NCES district ID: 1804320
• Math proficiency: 8% ▼ -18.00%
• Reading proficiency: 18% ▼ -15.00%
• Median HH income: $39,970
• Composite: 11.11/100
• National rank: #9730
• State rank: #289 of 301 in IN

Livability — Hammond

• Score: 70/100
• State rank: #143
• US rank: #7343

Category grades

Amenities F Commute A Cost of living A+ Crime F Employment D Housing A+ Health & safety D+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hammond, IN
• County: Lake County · 422,878 people
• City population: 58,809
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• Population (ZIP): 23,047
• Household income: $59,688
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 692.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 484,026 people
• By 2030: 478,091 · -1.2%
• By 2040: 462,974 · -4.3%
• By 2050: 449,894 · -7.1%
• By 2075: 436,169 · -9.9%
• By 2100: 426,607 · -11.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 38% White 36% Black 21% Two or more races 12% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 29% Puerto Rican 7%
• Common ancestry: Romanian 6% Italian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, China
• Languages at home: 78% English-only · Spanish 19% Chinese 1%

Political lean MEDSL · Lake

• 2024 margin: Lean D (+5.6) · D 52.1% · R 46.5% · Other 1.5%
• 2008→2024 swing: -28.6pp toward R · 2008: 34.3pp · 2024: 5.6pp
• All cycles: 2024: D+5.6 2020: D+15.1 2016: D+20.6 2012: D+31.0 2008: D+34.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.70%
• Current HPI: 293.4702
• Rent YoY: —
• Metro: Chicago-Naperville-Elgin, IL-IN-WI
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+112.6% since first listed

7 events — show timeline

• 2026-05-29 Listed $169,900 NIRA MLS as Distributed by MLS Grid
• 2023-04-24 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2023-03-29 Price Changed $144,900 NIRA MLS as Distributed by MLS Grid
• 2023-03-10 Listed $149,900 NIRA MLS as Distributed by MLS Grid
• 2017-08-23 Sold (MLS) $81,000 NIRA MLS as Distributed by MLS Grid
• 2017-06-27 Listed $81,000 NIRA MLS as Distributed by MLS Grid
• 2002-07-12 Listed $79,900 NIRA MLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2024): $1,435 · -6.2% YoY. Source: county tax records.